- Push-out Score determined
- After about five and a half years in the position
- Accolades, praise and thanks for Khoury
- Tom McCaffrey taking over
- Khoury said 70 words
(exechange) — Wellington, Florida, April 22, 2020 — Amin Khoury, chief executive of KLX Energy, leaves. As announced by KLX Energy Services Holdings Inc. in a news release published on Monday, April 20, 2020 and in a regulatory filing published on Wednesday, April 22, 2020, Amin J. Khoury leaves his post as chief executive officer at the onshore provider of oilfield services after about five and a half years in the role, effective May 1, 2020.
Amin Khoury’s duties as CEO will be taken over by Thomas P. (Tom) McCaffrey, currently Chief Financial Officer of KLX Energy Services Holdings Inc.
“Personal family health reasons”
Amin Khoury’s departure from the CEO post is explained as follows. KLX Energy said: “Amin J. Khoury resigned from his positions of Chairman of the Board, President and Chief Executive Officer of KLX Energy Services Holdings, Inc. (the “Company”) for personal family health reasons, effective on May 1, 2020.”
Precise information regarding Amin Khoury’s future plans was not immediately available.
KLX Energy said: “Mr. Khoury informed the Board of his decision to resign on April 16, 2020 and submitted his resignation letter on April 19, 2020.”
Share price decline
The announcement follows a decline in KLX Energy Services Holdings Inc.’s share price of 97% since April 2019.
In the position of CEO since 2014
Amin Khoury became CEO of the Company in 2014.
Amin J. Khoury has served as the Company’s Chairman of the Board of Directors, Chief Executive Officer and President since September 2018.
Khoury served as Chairman and Chief Executive Officer of KLX Inc. from the time of its spin-off from B/E Aerospace in December 2014 until its sale to The Boeing Company in October 2018.
Khoury co-founded B/E Aerospace in July 1987 and served as its Chairman of the Board until its sale to Rockwell Collins in April 2017.
Khoury served as Chief Executive Officer of B/E Aerospace from December 31, 2005 through December 31, 2013.
Khoury also served as the Co-Chief Executive Officer of B/E Aerospace from January 1, 2014 to December 16, 2014.
Khoury was a Trustee of the Scripps Research Institute from May 2008 until July 2014.
Khoury holds an Executive Masters Professional Director Certification, the highest level, from the American College of Corporate Directors.
During his time at B/E Aerospace, Khoury was primarily responsible for the development and execution of B/E Aerospace’s business strategies that resulted in its growth from a single product line business with $3.0 million in annual sales, to the leading global manufacturer of commercial aircraft and business jet cabin interior products and the world’s leading distributor of aerospace consumable products, with annual revenues in 2013 of $3.5 billion.
Khoury also led the founding and growth of the KLX Aerospace Solutions Group from a single acquisition in 2001 through nine additional acquisitions, transforming it into a leading independent company in its industry.
During his time at B/E Aerospace and KLX Inc., Khoury oversaw the expansion into the oilfield services industry and formation of the Company through the combination and integration of seven private oilfield service companies.
Khoury led the strategic planning and acquisition strategies of B/E Aerospace and KLX Inc. as well as their operational integration and execution strategies.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to KLX Energy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 17.2020 ($).